Bill Ackman Quietly Adds Four Mystery Stocks to His Portfolio — Here’s What We’ve Uncovered

Key Takeaways

• Ackman disclosed four undisclosed stock positions that won’t be named until the Q2 filing
• His flagship fund Pershing Square USA trades at approximately a 20% NAV discount
• Amazon represents his biggest stake at 15.3%, increased following AI infrastructure sell-off
• Brookfield accounts for 14.9% with projected 25% earnings expansion in 2025
• Microsoft comprises 12.2% of holdings, purchased during Azure growth concerns

Billionaire hedge fund manager Bill Ackman, who runs Pershing Square Capital Management, revealed Monday that his funds have established four fresh equity positions. The identity of these companies remains undisclosed. Ackman stated the names will be made public when the firm files its Q2 regulatory disclosure.

The announcement came via his X account, where Ackman commands an audience of 2.4 million users. Both retail traders and professional money managers routinely track his investment decisions for potential opportunities.

Ackman also addressed the valuation gap for Pershing Square USA, his recently launched vehicle. The fund currently changes hands at roughly a 20% markdown to its underlying net asset value. According to Ackman, this discount stems from temporary market mechanics following the fund’s April debut on public exchanges.

Since its 2004 inception, Pershing Square Capital Management has delivered approximately 16% annualized returns on a compound basis, outperforming the broader S&P 500 benchmark throughout that timeframe.

Breaking Down Ackman’s Three Largest Equity Stakes

Approximately 42% of Ackman’s total capital is concentrated across three companies: Amazon, Brookfield, and Microsoft.

Amazon tops the portfolio at 15.3% allocation. Ackman initiated his position in April 2025 as tariff concerns triggered widespread market volatility. He subsequently increased his stake following Amazon’s announcement of capital expenditure plans reaching as high as $200 billion, predominantly directed toward artificial intelligence infrastructure development.

Amazon.com, Inc., AMZN

Amazon Web Services continues experiencing accelerating top-line expansion consistent with these infrastructure investments. Meanwhile, the e-commerce division has achieved improved profitability through enhanced fulfillment network optimization. Ackman projects Amazon can deliver approximately 20% annual EPS growth over the coming years.

Recent share price weakness has compressed Amazon’s price-to-earnings multiple to 28, representing a discount to historical norms.

Brookfield claims the second spot at 14.9% of portfolio weight. Ackman established this position throughout 2024. The alternative asset manager anticipates generating $25 billion in performance fees during the 2025-2034 period, a dramatic increase from only $4 billion collected over the previous ten years.

Insurance Operations and Technology Platforms Fuel Expansion

Brookfield’s insurance division, operating as Brookfield Wealth Solutions, continues gaining scale. Company leadership plans to consolidate this segment more tightly to optimize the deployment of insurance capital alongside its broader investment platform. Executives project the insurance unit’s profitability will double over the next five-year window.

Distributable earnings excluding realizations climbed 7% during the first quarter after stagnating in Q4. The equity currently trades at a 17 multiple on trailing distributable earnings. Ackman anticipates 25% profit growth throughout 2025.

Microsoft completes the top three holdings at 12.2% allocation. Ackman began accumulating shares in February following quarterly results that failed to meet Wall Street expectations. Investor disappointment centered primarily on Azure cloud platform growth rates.

Azure revenue expansion has maintained stability near 40% year-over-year. Microsoft’s enterprise software segment increased 19% annually in the latest quarter, while consumer-facing products surged 33%. The company currently maintains a $627 billion committed contract backlog.

Microsoft shares currently trade at levels comparable to Ackman’s February entry point.

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